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The new Insolvency (England & Wales) Rules 2016 (IR 2016), SI 2016/1024 come into force today replacing the Insolvency Rules 1986 (IR 1986), SI 1986/1925. We provide details of some of the steps Lexis®PSL Restructuring & Insolvency, together with our external partners and LexisNexis Smartforms, have taken to ensure that you are ready for the changes.
As all restructuring and insolvency professionals will be acutely aware, there is a lot of change afoot for the insolvency world from today as a result of the commencement of the IR 2016. At Lexis®PSL Restructuring & Insolvency, our customers have access to a range of guidance explaining the new procedures under the IR 2016 in order to allow for a seamless progression from old rules to new.
We set out below some of what is specifically available to Lexis®PSL Restructuring & Insolvency customers. Not a customer? Find out more about how LexisPSL can help you and click here for a free trial of LexisPSL Restructuring & Insolvency.
We have created a new subtopic in Lexis®PSL Restructuring & Insolvency entitled 'The Insolvency (England and Wales) Rules 2016 which contains IR 2016-specific content (including news)—see: The Insolvency (England and Wales) Rules 2016—overview (subscription required).
In particular, we have published the following Practice Notes, externally written by practitioners with known experience in insolvency cases, that each consider a separate Part of the IR 2016, including (subscription required):
We have also published a Checklist: Guide to the destination of the Insolvency Rules 1986, SI 1986/1925 in the Insolvency (England and Wales) Rules 2016, SI 2016/1024 which is based on the destination table published by the Insolvency Service, and contains links through to the individual provisions of both the IR 1986 and IR 2016.
Finally, we have published the following content that will be of interest to customers (subscription required):
This resource, written by Susan Morgan and Dr John Tribe, was originally published in April 2016 and contained a side-by-side comparison of the IR 1986 with the draft July 2015 version of the new insolvency rules, with annotations explaining the changes.
This resource has now been republished, and compares the IR 1986 with the IR 2016 as laid before Parliament. It is available via the 'Key Resources' tab on the Lexis®PSL Restructuring & Insolvency home page. It is also available to Lexis®Library customers with the appropriate subscription.
The authors are currently working on a further update to take into account the changes brought about by The Insolvency (England and Wales) (Amendment) Rules 2017, SI 2017/366 and The Insolvency (England and Wales) Rules 2016 (Consequential Amendments and Savings) Rules 2017, SI 2017/369.
The IR 2016 remove the Insolvency Service’s obligation to prepare prescribed forms when they come into force on 6 April 2017.
We have reported previously (see blog post: Insolvency (England and Wales) Rules 2016—forms committee named by LexisNexis) that LexisNexis SmartForms were, in conjunction with a committee of leading insolvency professionals, producing a suite of standard forms that are expected to be widely adopted across the market.
A number of these forms have now been published and are available in Lexis®PSL Restructuring & Insolvency. These include those forms produced by the Insolvency Service and Companies House. We understand that HMCTS intends to publish various court forms, and these will be added to our suite once available. Until then, we are publishing some of the more commonly used court forms as an interim measure to assist our customers.
LexisNexis SmartForms are published in editable PDF format and offer many benefits over so-called 'flat' forms as they can be easily completed, edited, saved and shared.
Further forms will continue to be added to our suite over the next few weeks, and we will shortly be publishing a destination table to make finding a new form easier.
Again, as a result of customer feedback, forms prescribed under the IR 1986, Sch 4 which are available in Lexis®PSL Restructuring & Insolvency will continue to be made available for the time being.
We will be releasing in the next few days a series of four short webcasts, hosted by Stefan Ramel, barrister at Guildhall Chambers, on the following subjects:
We will also release a one-hour webinar on the impact of the IR 2016 in due course as part of our partnership with R3 through Lexis Webinars. News on this to follow.
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Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234